No anxiety over proposed cap on Russian crude: Puri

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Minister Puri had earlier said that as India is facing certain challenges, the Central government’s attempt is to convert these challenges into opportunities….reports Asian Lite News

Petroleum Minister Hardeep Puri on Wednesday said that there was no anxiety that Western nations’ proposed cap on Russian oil could cut shipping availability for Indian imports.

“I have no anxiety on that. Market forces will deal with that. We will act according to the situation,” Puri said on being asked about the proposed cap on Russian crude.

Puri, who was interacting with the media on the sidelines of a function commemorating the World LPG Week, in response to a question on Russian oil company Gazprom not supplying liquified natural gas to GAIL, said that this discussion has been going on between GAIL and Gazprom.

“We have a very time-tested relationship with the countries involved, with the entities involved. If I remember correctly, there is a sanction on the European entity and our contract was with somebody else. That discussion is going on. It will be resolved. At least, my expectation is that it will be resolved,” he said.

When quizzed on how oil marketing companies would get compensated for selling petrol and diesel at a loss for the past several months now, Puri said, “Obviously, they will want to be compensated… How they will be compensated (whether) by charging you later or asking for other compensation… These are big companies so I don’t get involved in that.”

Challenges to opportunites

Minister Puri had earlier said that as India is facing certain challenges, the Central government’s attempt is to convert these challenges into opportunities.

“India today is clearly an India in transition,” he said while addressing the India Chem 2022, organised by industry body FICCI and Ministry of Chemicals and Fertilisers.

Puri while speaking on the high global energy prices, stated that “we have been able to navigate global prices. Clearly when prices are high, the situation will be inflationary”.

The minister further stated: “We are taking corrective measures including the new pipeline and other innovative steps like introduction of solar cooker, which in the coming months will make a major impact in lowering the demand for domestic kitchen energy because it will feed on the natural sunlight.”

He highlighted that Indian economy is growing at a rate of 7 per cent, and energy is a critical driver of growth.

“Our refining capacity, which currently stands at about 252 million metric per annum and is likely to go up to about 400 million metric tonnes per annum in the coming years. We are also transiting from the fossil fuel based energy to a greener energy including solar, wind and compressed biogas,” he added.

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